Financial Planner: Preparing for long-term care

Financial Planner: Preparing for long-term care

Financial Planner Tim Moomey said National Long Term Care Awareness Month is a great time to prepare for the future.

"Why should you plan? Because, according to the National Clearinghouse for Long Term Care Information, which is a part of the U.S. Department of Health and Human Services, “at least 70 percent of people over age 65 will require some form of long-term care services at some point in their lives. And, contrary to what many people believe, Medicare and private health insurance programs do not pay for the majority of long-term care services that most people need, such as help with personal care, dressing, or using the bathroom independently. Planning is essential for you to be able to get the care you might need.

"Long-term care is a variety of services and supports to meet health or personal care needs over an extended period of time. Most long-term care is non-skilled personal care assistance, such as help performing everyday Activities of Daily Living (ADLs), which are:

  • Bathing
  • Dressing
  • Using the toilet
  • Transferring (to or from bed or chair)
  • Caring for incontinence
  • Eating

"The goal of long-term care services is to help you maximize your independence and functioning at a time when you are unable to be fully independent.

"Forty percent of people over age 65 will need care in a nursing home for some period of time. The average cost can be as much as $80,000 per year here in Nebraska. None of us can predict the future, but with proper planning, you can be prepared for it. There are a number of alternative plans for people to look at, so I recommend that people discuss this with someone who can help and get prepared."

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